THE core net income of Ramon Ang-led San Miguel Corp. (SMC) in 2025 surged 52 percent to P79.6 billion, reflecting stronger profitability across its diversified businesses, improved margins, and continued cost discipline.
In a statement on Monday, SMC reported that its net income reached P94.7 billion, supported by gains from the fair valuation of investments and foreign exchange movements.
Operating income rose 13 percent year on year to P181.6 billion, while earnings before interest, taxes, depreciation and amortization (Ebitda) increased 16 percent to P262 billion, driven by better operating performance, lower input costs, and pricing initiatives across its units.
The conglomerate said consolidated revenues reached P1.5 trillion, backed by steady contributions from its food, spirits and infrastructure businesses, which helped offset the impact of softer crude prices and the deconsolidation of the Ilijan and Excellent Energy Resources, Inc. (EERI) power plants.
“Our 2025 performance shows the value of having a diversified portfolio and a clear focus on execution,” company chairman and CEO Ramon Ang said.
“The strength of our businesses allowed us to navigate market changes, improve profitability, and remain disciplined in how we invest,” he added.
Food and beverage subsidiary San Miguel Food and Beverage Inc. posted a 13-percent increase in net income to P46.3 billion, supported by record results from its food business and continued growth in spirits.
The group’s power unit, San Miguel Global Power, recorded lower revenues of P157.2 billion after the divestment of the Ilijan and EERI power plants, but net income surged to P48.3 billion, partly due to a P21.9-billion gain from a chromite transaction.
Meanwhile, oil refiner Petron Corp. posted a record net income of P15.6 billion, up 84 percent year on year, driven by higher domestic volumes and improved productivity at its refineries in the Philippines and Malaysia.
San Miguel’s infrastructure business also continued to expand, with revenues rising 7 percent to P40.2 billion as traffic across its toll roads increased to an average of 1.08 million vehicles daily.
The conglomerate’s cement business reported P33.2 billion in revenues, down 5 percent from a year earlier, amid softer demand and lower selling prices due to the influx of imported cement, although margins were said to have been sustained through cost control and operational efficiencies.
San Miguel shares fell P1.80, or 2.60 percent, to close at P67.30 each on Monday amid a 0.87 percent decline for the benchmark Philippine Stock Exchange index.
